TAX FILING GUIDE - Maple Leaf Funds · 2017-10-11 · If you had dealings with a non-resident trust...

TAX FILING GUIDE FOR THE 2016 TAXATION YEAR

TABLE OF CONTENTS Sample T5013 - Statement of Partnership Income 1

Getting Started 2

Reporting Investment Income 3

Reporting Capital Gains (losses) 5

Claiming Resource Expenses 7

Expenses Qualifying for an ITC 10

Tax Shelter Loss or Deductions 16

Provincial Tax Credits 17

Other Considerations 18

Frequently Asked Questions 19

Contact Us 20

Fiscal period endExercice se terminant le

YYYY MM DD

AAAA MM JJ

T5013Statement of Partnership Income

État des revenus d'une société de personnesTax shelter identification number (see statement on reverse side *)Numéro d'inscription de l'abri fiscal (lisez l'énoncé au dos *)

Filer's name and address – Nom et adresse du déclarant

002

Partner codeCode de l'associé

003

Country codeCode du pays

004

Recipient typeGenre de bénéficiaire

001

Partnership account number (15 characters)Numéro de compte de la société de personnes (15 caractères)

010

Total limited partner's business income (loss)Total du revenu (de la perte) d’entreprise du commanditaire

020

Total business income (loss)Total du revenu (de la perte) d’entreprise

006

Partner's identification numberNuméro d'identification de l'associé

005

Partner's share (%) of partnershipPart de l'associé (%) dans la société de personnes

030

Total capital gains (losses)Total des gains (pertes) en capital

040

Capital cost allowanceDéduction pour amortissement

Partner's name and address – Nom et adresse de l'associé

Last name (print) – Nom de famille (en lettres moulées) First name – Prénom Initials – Initiales

Box – Case Code Amount – Montant Box – Case Code Amount – Montant






Box – Case Code Other information – Autres renseignements

T5013 (15) Protected B when completed – Protégé B une fois rempliSee the privacy notice on your return

Consultez l'avis de confidentialité dans votre déclaration

Fiscal period endExercice se terminant le

YYYY MM DD

AAAA MM JJ


État des revenus d'une société de personnesTax shelter identification number (see statement on reverse side *)Numéro d'inscription de l'abri fiscal (lisez l'énoncé au dos *)


002


003

Country codeCode du pays

004

Recipient typeGenre de bénéficiaire

001

Partnership account number (15 characters)Numéro de compte de la société de personnes (15 caractères)

010

Total limited partner's business income (loss)Total du revenu (de la perte) d’entreprise du commanditaire

020

Total business income (loss)Total du revenu (de la perte) d’entreprise

006

Partner's identification numberNuméro d'identification de l'associé

005


030

Total capital gains (losses)Total des gains (pertes) en capital

040

Capital cost allowanceDéduction pour amortissement


Last name (print) – Nom de famille (en lettres moulées) First name – Prénom Initials – Initiales







Box – Case Code Other information – Autres renseignements

T5013 (15) Protected B when completed – Protégé B une fois rempliSee the privacy notice on your return.

Consultez l'avis de confidentialité dans votre déclaration.

TS

TS

2

MAPLE LEAF SHORT DURATION FLOW-THROUGH 2016 TAXATION GUIDE

SAMPLEMAPLE LEAF SHORT DURATION FLOW-THROUGH

Suite 808, 609 Granville Street

Vancouver, British Columbia V7Y 1G5

104 CAN

128 CAN

151 CAN

190 CAN

191 CAN

194 CAN

YOUR NAME

2

MAPLE LEAF SHORT DURATION

FLOW-THROUGH2016 TAXATION GUIDE

This tax filing guide has been provided to assist you in claiming your 2016 tax deductions from your investment in a Maple Leaf Short Duration Flow-Through Limited Partnership (“Maple Leaf” or the “Partnership”).

This guide should not be considered as tax advice. Maple Leaf strongly recommends you consult with your professional tax and/or investment advisor to determine the appropriate use of tax deductions and other tax considerations.

Please view the sample T5013 found in this guide. The figures provided in your personal T5013 need to be inserted in the applicable sections of your T1 Tax Return and related schedules. Forms referred to in this booklet (T1 General Return, Schedule 3, Schedule 4, T1229, T5004) are available for download through the Canada Revenue Agency (CRA) website www.cra-arc.gc.ca or on the tax reporting page of our website www.MapleLeafFunds.ca/shortduration.

GETTING STARTED

KEY BOXES ON YOUR T5013 THAT ARE USED TO CALCULATE YOUR TAX DEDUCTION AND THAT ARE COVERED IN THIS GUIDE:

NOTE:

You will receive a T5013 for each

limited partnership you own and for

each year the partnership is active. In

some cases, you will need to sum the

amounts from your T5013s before

inserting them into the appropriate

place on the tax schedule. If you are

using a software program, each T5013

should be entered separately.

YOUR T5013Your personal T5013 – ‘Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses’ will be sent directly to you from your investment dealer’s back office on or before March 31, 2017. The same procedure is followed in each subsequent year.

KEY BOXES BOX 104 Limited Partnership business income (loss)

BOX 128 Interest from Canadian Sources

BOX 151 Capital Gains (losses)

BOX 190 Renounced Canadian Exploration Expenses

BOX 191 Renounced Canadian Development Expenses

BOX 194 Expenses qualifying for an ITC

BOX 197 Expenses qualifying for a Provincial Tax Credit – British Columbia residents

BOX 198 Expenses qualifying for a Provincial Tax Credit – Saskatchewan residents

BOX 199 Expenses qualifying for a Provincial Tax Credit – Manitoba residents

BOX 200 Expenses qualifying for a Provincial Tax Credit – Ontario residents

There may be other boxes on your T5013 that contain information but do not have to be entered on your tax return.

Protected B when completed 2The guide contains valuable information to help you complete your return. When you come to a line on the return that applies to you, go to the line number in the guide for more information.

Please answer the following question:

266

Did you own or hold specified foreign property where the total cost amount of all such property,at any time in 2015, was more than CAN$100,000?See "Specified Foreign property" in the guide for more information.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes 1 No 2

If yes, complete Form T1135 and attach it to your return.

If you had dealings with a non-resident trust or corporation in 2015, see "Foreign income" in the guide.

As a resident of Canada, you have to report your income from all sources both inside and outside Canada.

Total income101Employment income (box 14 of all T4 slips)

102Commissions included on line 101 (box 42 of all T4 slips)

103Wage loss replacement contributions(see line 101 in the guide)

104Other employment income +113Old age security pension (box 18 of the T4A(OAS) slip) +114CPP or QPP benefits (box 20 of the T4A(P) slip) +

152Disability benefits included on line 114 (box 16 of the T4A(P) slip)

115Other pensions and superannuation +116Elected split-pension amount (attach Form T1032) +117Universal child care benefit (UCCB) +

185UCCB amount designated to a dependant

119Employment insurance and other benefits (box 14 of the T4E slip) +

120Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations (attach Schedule 4) +

180Taxable amount of dividends other than eligible dividends, included on line 120, from taxable Canadian corporations

121Interest and other investment income (attach Schedule 4) +

122Net partnership income: limited or non-active partners only +125Registered disability savings plan income +

Rental income 160Gross 126Net +127Taxable capital gains (attach Schedule 3) +

Support payments received 156Total 128Taxable amount +129RRSP income (from all T4RSP slips) +130Other income Specify: +

Self-employment incomeBusiness income 162Gross 135Net +Professional income 164Gross 137Net +Commission income 166Gross 139Net +Farming income 168Gross 141Net +Fishing income 170Gross 143Net +

144Workers' compensation benefits (box 10 of the T5007 slip)145Social assistance payments +

146Net federal supplements (box 21 of the T4A(OAS) slip) +

147Add lines 144, 145, and 146 (see line 250 in the guide). = +

150 This is your total income.Add lines 101, 104 to 143, and 147. =

5000-R

T1 General - page 2

3


BOX 104 The amount in Box 104 represents the Limited Partnership business income (loss) for a limited partner.

Step 1: Insert the amount found in Box 104 of your T5013 onto page 2, line 122 of your T1 General.

The income (loss) is different from the income (loss) shown in the financial statements due to the differences between how the expenses are deducted for tax purposes and how they are deducted for accounting purposes.

REPORTING INVESTMENT INCOME

NOTE: WHAT IS INCOME (LOSS)?

The cash distributions are not

included in your income – they are

taken into account when determining

the Adjusted Cost Base (ACB) of your

units for tax purposes.

PLEASE REFERENCE INSIDE FRONT COVER SAMPLE T5013 OR YOUR PERSONAL TAX SLIP005

005

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Box – Case Other information – Autres renseignements

Box – Case

Amount – MontantCode

Box – Case Code Amount – MontantBox – Case Code Amount – Montant





Box – Case Code Amount – MontantBox – Case

Amount – MontantCodeBox – Case

Amount – MontantCodeBox – Case Amount – MontantCodeBox – Case





Code

Privacy Act, personal information bank number CRA PPU 047and CRA PPU 005Loi sur la protection des renseignements personnels, fichier de renseignements personnels

ARC PPU 047 et ARC PPU 005

Fiscal period end Exercice se terminant le

Amount – Montant

TS


État des revenus d'une société de personnes

T5013 (13)

First name – Prénom Initials – InitialesLast name (print) – Nom de famille (en lettres moulées)


Recipient type Genre de bénéficiaire

Country code Code du pays


Total business income (loss)Revenu (perte) total(e) d'entreprise


Capital cost allowance Déduction pour amortissement

Partner's identification number Numéro d'identification de l'associé

Filer's account number (15 characters) Numéro de compte du déclarant (15 caractères)

Total limited partner business income (loss)Revenu (perte) total(e) d'entreprise du commanditaire

Total capital gains (losses) Total des gains (pertes) en capital



Protected B when completed – Protégé B une fois rempli


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TS



T5013 (13)















Tax shelter identification number (see statement on reverse side *)Numéro d'inscription de l'abri fiscal (lisez l'énoncé au dos *)


Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

2016

2016

T1 - Schedule 4, page 1

Protected B when completed

T1-2015 Statement of Investment Income Schedule 4State the names of the payers below, and attach any information slips you received. Attach a separate sheet of paper if you need more space. Attach a copy of this schedule to your return.

I – Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations

1Taxable amount of dividends other than eligible dividends (specify):2+3+

180 4Add lines 1 to 3, and enter this amount on line 180 of your return. =

5Taxable amount of eligible dividends (specify): +6+7+

120Add lines 4 to 7, and enter this amount on line 120 of your return. =

II – Interest and other investment income Specify:

+Income from foreign sources (specify): +

121Enter this amount on line 121 of your return. =

III – Carrying charges and interest expensesCarrying charges (specify):Interest expenses (specify): +


5000-S4 See the privacy notice on your return.


T1-2015 Statement of Investment Income Schedule 4State the names of the payers below, and attach any information slips you received. Attach a separate sheet of paper if you need more space. Attach a copy of this schedule to your return.

I – Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations

1Taxable amount of dividends other than eligible dividends (specify):2+3+

180 4Add lines 1 to 3, and enter this amount on line 180 of your return. =

5Taxable amount of eligible dividends (specify): +6+7+

120Add lines 4 to 7, and enter this amount on line 120 of your return. =

II – Interest and other investment income Specify:

+Income from foreign sources (specify): +


III – Carrying charges and interest expensesCarrying charges (specify):Interest expenses (specify): +



4



NOTE: DID YOU BORROW OR DID YOU BUY?

If you borrowed any amounts to

acquire your limited partnership units,

the amount of interest

expense you incurred in the year

could be included in Section III

“Carrying Charges and Interest

Expenses” of Schedule 4.

Please consult your tax advisor

as to the deductibility of such interest

expense. The total of

this section is entered on line

221 of your T1 General.

BOX 128The amount in Box 128 represents the interest income from Canadian sources.

Step 2: Insert the amount found in Box 128 of your T5013 into Part II, line 121 - Interest and other investment income found on page 1 of your T1 - Schedule 4.

Step 3 : Carry the same amount forward to line 121 on page 2 of your T1 - Schedule 4.

REPORTING INVESTMENT INCOME (CON’T FROM PG. 3)

005

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Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

PLEASE REFERENCE INSIDE FRONT COVER SAMPLE T5013 OR YOUR PERSONAL TAX SLIP

2016


T1-2016 Capital Gains (or Losses) in 2016 Schedule 3For more information, see line 127 in the General Income Tax and Benefit Guide, and Guide T4037, Capital Gains.Attach a separate sheet of paper if you need more space. Attach a copy of this schedule to your return.

Note: If you have a business investment loss,see line 217 in the guide.

(1)Year of

acquisition

(2)Proceeds of disposition

(3)Adjusted cost base

(4)Outlays and expenses

(from dispositions)

(5)Gain (or loss)

(column 2 minus columns 3 and 4)

1. Qualified small business corporation shares (Report, in 3 below, publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares.)Number Name of corp. and class of shares

106Total 107Gain (or loss)2. Qualified farm or fishing propertyAddress or legal description Prov./Terr.

109Total 110Gain (or loss) +Mortgage foreclosures and conditional sales repossessions – Address or legal description

Prov./Terr.

123Total 124Gain (or loss) +

3. Publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares(Report capital gains (or losses) shown on T5, T5013, T4PS, and T3 information slips on line 174 or line 176.)

Number Name of fund/corp. and class of shares

131Total 132Gain (or loss) +4. Real estate, depreciable property, and other properties (see the next page for a principal residence)Address or legal description Prov./Terr.

136Total 138Gain (or loss) +5. Bonds, debentures, promissory notes, and other similar properties

Face value Maturity date Name of issuer

151Total 153Gain (or loss) +6. Other mortgage foreclosures and conditional sales repossessions Address or legal description Prov./Terr.

154Total 155Gain (or loss) +7. Personal-use property (provide a full description) (see the next page for a principal residence)

158Gain only +8. Listed personal property (LPP) (full description)

Note: You can only apply LPP losses against LPP gains.

Subtract: unapplied LPP losses from other years –159Net gain only +

161Capital gains deferral from qualifying dispositions of eligible small business corporation shares (included in 3 above) –

173Farming and fishing income eligible for the capital gains deduction from the disposition of eligible capital property (for details, see Form T657)

174T5, T5013, and T4PS information slips – Capital gains (or losses) +176T3 information slips – Capital gains (or losses) +178Capital loss from a reduction in your business investment loss –

191Add lines 107, 110, 124, 132, 138, 153, 155, 158,159, 174, 176. Subtract lines 161 and 178. Total of all gains (or losses) in column 5 before reserves =

192Reserves from line 6706 of Form T2017 (if negative, show it in brackets and subtract it) +197Total capital gains (or losses)Add lines 191 and 192. =

199Taxable capital gains

(or net capital loss) in 2016Multiply the amount on line 197 by 50%. Enter the taxable capital gains online 127 of your return. If it is a net capital loss, see line 127 in the guide. =

5000-S3

5


BOX 151The amount in Box 151 represents the capital gains or losses incurred by your limited partnership investment in 2016 (losses may be shown either in brackets or with a negative number). Capital gains or losses are the result of transactions in the investment portfolio whereby holdings are sold at a gain or a loss.

Step I: Insert the amount found in Box 151 of your T5013 into line 174 of Schedule 3 (remember to total all amounts from your T5, T5013 or T4PS information slips as indicated on Schedule 3).

REPORTING CAPITAL GAINS (LOSSES)005

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Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194



Protected B when completed 2The guide contains valuable information to help you complete your return. When you come to a line on the return that applies to you, go to the line number in the guide for more information.

Please answer the following question:

266

Did you own or hold specified foreign property where the total cost amount of all such property,at any time in 2015, was more than CAN$100,000?See "Specified Foreign property" in the guide for more information.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes 1 No 2

If yes, complete Form T1135 and attach it to your return.

If you had dealings with a non-resident trust or corporation in 2015, see "Foreign income" in the guide.

As a resident of Canada, you have to report your income from all sources both inside and outside Canada.

Total income101Employment income (box 14 of all T4 slips)

102Commissions included on line 101 (box 42 of all T4 slips)

103Wage loss replacement contributions(see line 101 in the guide)

104Other employment income +113Old age security pension (box 18 of the T4A(OAS) slip) +114CPP or QPP benefits (box 20 of the T4A(P) slip) +

152Disability benefits included on line 114 (box 16 of the T4A(P) slip)

115Other pensions and superannuation +116Elected split-pension amount (attach Form T1032) +117Universal child care benefit (UCCB) +

185UCCB amount designated to a dependant

119Employment insurance and other benefits (box 14 of the T4E slip) +

120Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations (attach Schedule 4) +

180Taxable amount of dividends other than eligible dividends, included on line 120, from taxable Canadian corporations

121Interest and other investment income (attach Schedule 4) +

122Net partnership income: limited or non-active partners only +125Registered disability savings plan income +

Rental income 160Gross 126Net +127Taxable capital gains (attach Schedule 3) +

Support payments received 156Total 128Taxable amount +129RRSP income (from all T4RSP slips) +130Other income Specify: +

Self-employment incomeBusiness income 162Gross 135Net +Professional income 164Gross 137Net +Commission income 166Gross 139Net +Farming income 168Gross 141Net +Fishing income 170Gross 143Net +

144Workers' compensation benefits (box 10 of the T5007 slip)145Social assistance payments +

146Net federal supplements (box 21 of the T4A(OAS) slip) +

147Add lines 144, 145, and 146 (see line 250 in the guide). = +

150 This is your total income.Add lines 101, 104 to 143, and 147. =

5000-R

6



REPORTING CAPITAL GAINS (LOSSES) (CON’T FROM PG. 5)

T1 General, page 2

Step 2: Carry the totalled amount from Section E of Schedule 3 forward to Page 2, line 127 of your T1 General.

NOTE:

You can apply your net capital losses of other years to your taxable capital gains in 2016. However, the amount you claim depends on when you incurred the loss. This is because the inclusion rate used to determine taxable capital gains and allowable capital losses has changed over the years. For further information or inclusion rates please refer to the Canada Revenue Agency (CRA) website www.cra-arc.gc.ca or consult your professional tax and/or investment advisor.

2016

2016

Statement of Resource Expenses and Depletion Allowance Protected B when completed

Use this form to calculate your resource expenditure pools, exploration and development expense deduction, expenses renounced in respect of flow-through shares which qualify for investment tax credits and to claim your depletion allowance.Attach your T101, T5013, and T5 slip(s) to the statement. If you do not have any of these slips, attach a statement that identifies you as a participant in the venture.Attach a separate sheet of paper if you need additional space for Areas I, IV, or V.Attach a completed copy of this form to your T1 General Income Tax and Benefit Return.

I. Summary of T101 and T5013 slips (Renounced Canadian Exploration and Development Expenses)

Canadian exploration expense (CEE) Canadian development expense (CDE)

Identification number (*) Renunciation Assistance Renunciation Assistance

Expensesqualifying for

an ITC

Total

Portion of any reduction subject to an interest free period.

Portion subject to an interest free period

Enter the total of the amounts reported in box 130 of your T101 or box 196 of your T5013 slips.


(*) Identification number on Form T101 – Statement of Resource Expenses or the partnership's filer identification number on Form T5013 – Statement of Partnership Income.

II. Canadian resource expenditure poolsThe amounts calculated in Area I above form part of your CCEE (Cumulative Canadian Exploration Expense) and CCDE (Cumulative Canadian Development Expense) pools, as the case may be. In most cases the CCOGPE (Cumulative Canadian Oil and Gas Property Expense) pool is relevant only if you have an opening balance.

CCEE CCDE CCOGPE

Balance at the beginning of the year(1)

Add: Total current year renunciation from Area I

Other resource expenses (T5013 slips: boxes 173 to 175 and 206)

Other (specify)

Subtotal (2)

Deduct: Total assistance from Area I

Previous year's claim for federal investment tax credit

Provincial flow-through share tax credit received or entitled to receive

Assistance (T5013 slips: boxes 179 to 181)

Other (specify)

Subtotal (3)

Balance available(If negative for CCEE or CCDE include the amount on line 130 or your return, a negative CCOGPE balance will first reduce your CCDE)

[(1)+(2)-(3)] A

× 100% × 30% × 10%Rate

Maximum exploration and development expenses available for deduction (If negative enter zero)

(4)

Exploration and development expenses claimed Enter the amount in (4) or a lesser amount

B

Balance at the end of the year [A - B]

III. Exploration and development expenses (see line 224 in the General Income Tax and Benefit Guide)

Canadian expenses claimed (sum of the claims in B above)

Foreign expenses claimed (attach a schedule that gives the details of the amount claimed) +Other expenses (e.g. Crown charges) +Resource allowance Resource profits × Inclusion Rate * × 25% = +

Total exploration and development expenses (enter on line 224 of your return) =*Inclusion rate: before 2003 – 100%; 2003 – 90%; 2004 – 75%; 2005 – 65%; 2006 – 35%; after 2006 – 0%

IV. Expenditures qualifying for an investment tax credit (see line 412 in the General Income Tax and Benefit Guide)

Expenditures qualifying for an investment tax credit from Area I

Deduct: Provincial flow through share tax credit received or entitled to receive

Eligible resource expenditures qualifying for an investment tax credit (enter on line 6717 of your Form T2038(IND))=

V. Depletion allowances (specify) (see line 232 in the General Income Tax and Benefit Guide)(enter on line 232 of your return) =

T1229 E (14) (Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca ou en composant le 1-800-959-3376.)

7


CLAIMING RESOURCE EXPENSES

BOX 190 AND BOX 191 (RENOUNCED CANADIAN RESOURCE EXPENSES)

The amount in Box 190 and Box 191 of your Form T5013 represents the Canadian Exploration Expense (“CEE”) and the Canadian Development Expense (“CDE”) renounced by the resource companies and passed on to you, the investor. Please see Notes for Steps 4 and 5 found on page 9 with respect to carry forwards and multiple investments, if applicable to you.

The CEE and CDE amount flows to your T1 General via the Form T1229, Statement of Resource Expenses and Depletion Allowance. The first three sections of the T1229 are used.

T1229

T1229 AREA I - SUMMARY OF T101 AND T5013 EXPENSES

Step 1: Start by entering the Partnership’s Tax Shelter Identification number found on the top right corner of your T5013 into the Identification Number box in Area 1 of your T1229.

Step 2: Enter the Renounced Canadian Exploration Expense (CEE) from Box 190 of your T5013 into the CEE Renunciation column in Area 1 of your T1229.

Step 3: Enter the Renounced Canadian Development Expense (CDE) from Box 191 of your T5013 into the CDE Renunciation column in Area 1 of your T1229.

T1229 AREA II - CANADIAN RESOURCE EXPENDITURE POOLS

Step 4: If you have any CCEE or CCDE carry forward amounts from last year these can be entered into line (1) in Area II of your T1229 (see note on Carry Forwards on page 9).

Step 5: Add Total Year Renunciation from Area 1.

Step 6: Calculate subtotals (2 and 3) and Balance Available (A) as indicated.

Protected B when completed 3Attach your Schedule 1 (federal tax) and Form 428 (provincial or territorial tax) here. Attach only the other documents (schedules, information slips, forms, or receipts) requested in the guide to support any claim or deduction.Keep all other supporting documents.

Net income150Enter your total income from line 150.

206Pension adjustment (box 52 of all T4 slips and box 034 of all T4A slips)

207Registered pension plan deduction (box 20 of all T4 slips and box 032 of all T4A slips)

208RRSP/pooled registered pension plan (PRPP) deduction(see Schedule 7 and attach receipts) +

205PRPP employer contributions(amount from your PRPP contribution receipts)

210Deduction for elected split-pension amount (attach Form T1032) +

212Annual union, professional, or like dues (box 44 of all T4 slips, and receipts) +

213Universal child care benefit repayment (box 12 of all RC62 slips) +214Child care expenses (attach Form T778) +215Disability supports deduction +

Business investment loss 228Gross 217Allowable deduction +219Moving expenses +

Support payments made 230Total 220Allowable deduction +221Carrying charges and interest expenses (attach Schedule 4) +

222Deduction for CPP or QPP contributions on self-employment and other earnings (attach Schedule 8 or Form RC381, whichever applies) + •

224Exploration and development expenses (attach Form T1229) +229Other employment expenses +231Clergy residence deduction +232Other deductions Specify: +233Add lines 207, 208, 210 to 224, 229, 231, and 232. = –

234Line 150 minus line 233 (if negative, enter "0") This is your net income before adjustments. =

235Social benefits repayment (if you reported income on line 113, 119, or 146, see line 235 in the guide) Use the federal worksheet to calculate your repayment. – •

236 This is your net income.Line 234 minus line 235 (if negative, enter "0") If you have a spouse or common-law partner, see line 236 in the guide. =

Taxable income244Canadian Forces personnel and police deduction (box 43 of all T4 slips)248Employee home relocation loan deduction (box 37 of all T4 slips) +249Security options deductions +

250Other payments deduction (if you reported income on line 147, see line 250 in the guide) +

251Limited partnership losses of other years +252Non-capital losses of other years +253Net capital losses of other years +254Capital gains deduction +255Northern residents deductions (attach Form T2222) +256Additional deductions Specify: +257Add lines 244 to 256. = –

260 This is your taxable income.Line 236 minus line 257 (if negative, enter "0") =

Use your taxable income to calculate your federal tax on Schedule 1 and your provincial or territorial tax on Form 428.

5000-R

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Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

CLAIMING RESOURCE EXPENSES (CON’T FROM PG. 7)

T1 -General - page 3

Step 7: Calculate Maximum Exploration and Development Expenses Available for Deduction (4) using the appropriate rates as indicated, CCEE - =100% and CCDE - 30%.

Step 8: Calculate Exploration and Development Expenses Claimed in the Year (B) and Balance at End of Year (A-B).

T1229 AREA III- EXPLORATION AND DEVELOPMENT EXPENSES

Step 9: Enter the Total Exploration and Development Expenses Claimed sum (or claims in B above) and enter total on line 224 of your T1 General.

NEED A FORM T1229?

This form must be included with

your T1 General and is available

for download through the Canada Revenue

Agency (CRA) website www.cra-arc.gc.ca or

on the Tax Reporting page of our website

www.MapleLeafFunds.ca/ShortDuration


9


NOTE: CARRY FORWARDS

Further on claiming resource expenses, the calculations used in Section II and III of your Form T1229 take a little more

thought due to the fact that CEE and CDE amounts need not be used immediately and they can be carried forward and

used in future years. Likewise, the current year’s return could reflect unused amounts carried forward from earlier years.

The CCEE column or CCDE column of Section II may require investors to check their returns from the previous year to see

if there is unused CEE or CDE from previous years. If there is an amount that has not been claimed, it may be entered on

line 1 – “Balance at the beginning of the year.” The current year renunciation goes on the second line of this section, and

flows down to the bottom of the CCEE or CDEE column.

NOTE: MULTIPLE INVESTMENTS

If you have more than one resource investment, you will need to include all exploration (CEE) or development (CDE)

expenses allocated to you in the applicable boxes of this section before computing the amount you may claim in your

tax return. The maximum claim is computed on line 4. Enter the amount you wish to claim on line B (generally, this will

be the maximum amount). Subtract the amount you wish to claim from the maximum amount to compute the amount,

if any and that will be carried forward to 2016. The amount of CCEE or CDEE along with other resource expenditures

(acronyms CCOGPE) from line B should be added together and used as the first line of Section III. The final line of Section

III is entered on line 224 of your T1 General.

005

005

030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD


Box – Case














Code




Amount – Montant

TS



T5013 (13)

















030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD





TS



T5013 (13)

















Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

BOX 190 AND 191 CONTINUED...

Please see important notes to claiming resource expenses regarding carry forwards and multiple investments below.

CLAIMING RESOURCE EXPENSES (CON’T FROM PG. 8)


Statement of Resource Expenses and Depletion Allowance Protected B when completed

Use this form to calculate your resource expenditure pools, exploration and development expense deduction, expenses renounced in respect of flow-through shares which qualify for investment tax credits and to claim your depletion allowance.Attach your T101, T5013, and T5 slip(s) to the statement. If you do not have any of these slips, attach a statement that identifies you as a participant in the venture.Attach a separate sheet of paper if you need additional space for Areas I, IV, or V.Attach a completed copy of this form to your T1 General Income Tax and Benefit Return.

I. Summary of T101 and T5013 slips (Renounced Canadian Exploration and Development Expenses)

Canadian exploration expense (CEE) Canadian development expense (CDE)

Identification number (*) Renunciation Assistance Renunciation Assistance

Expensesqualifying for

an ITC

Total

Portion of any reduction subject to an interest free period.

Portion subject to an interest free period



(*) Identification number on Form T101 – Statement of Resource Expenses or the partnership's filer identification number on Form T5013 – Statement of Partnership Income.

II. Canadian resource expenditure poolsThe amounts calculated in Area I above form part of your CCEE (Cumulative Canadian Exploration Expense) and CCDE (Cumulative Canadian Development Expense) pools, as the case may be. In most cases the CCOGPE (Cumulative Canadian Oil and Gas Property Expense) pool is relevant only if you have an opening balance.

CCEE CCDE CCOGPE

Balance at the beginning of the year(1)

Add: Total current year renunciation from Area I

Other resource expenses (T5013 slips: boxes 173 to 175 and 206)

Other (specify)

Subtotal (2)

Deduct: Total assistance from Area I

Previous year's claim for federal investment tax credit

Provincial flow-through share tax credit received or entitled to receive

Assistance (T5013 slips: boxes 179 to 181)

Other (specify)

Subtotal (3)

Balance available(If negative for CCEE or CCDE include the amount on line 130 or your return, a negative CCOGPE balance will first reduce your CCDE)

[(1)+(2)-(3)] A

× 100% × 30% × 10%Rate

Maximum exploration and development expenses available for deduction (If negative enter zero)

(4)

Exploration and development expenses claimed Enter the amount in (4) or a lesser amount

B

Balance at the end of the year [A - B]

III. Exploration and development expenses (see line 224 in the General Income Tax and Benefit Guide)

Canadian expenses claimed (sum of the claims in B above)

Foreign expenses claimed (attach a schedule that gives the details of the amount claimed) +Other expenses (e.g. Crown charges) +Resource allowance Resource profits × Inclusion Rate * × 25% = +

Total exploration and development expenses (enter on line 224 of your return) =*Inclusion rate: before 2003 – 100%; 2003 – 90%; 2004 – 75%; 2005 – 65%; 2006 – 35%; after 2006 – 0%

IV. Expenditures qualifying for an investment tax credit (see line 412 in the General Income Tax and Benefit Guide)

Expenditures qualifying for an investment tax credit from Area I

Deduct: Provincial flow through share tax credit received or entitled to receive

Eligible resource expenditures qualifying for an investment tax credit (enter on line 6717 of your Form T2038(IND))=

V. Depletion allowances (specify) (see line 232 in the General Income Tax and Benefit Guide)(enter on line 232 of your return) =

T1229 E (14) (Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca ou en composant le 1-800-959-3376.)

10



EXPENSES QUALIFYING FOR AN ITC

T1229

005

005

030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD


Box – Case














Code




Amount – Montant

TS



T5013 (13)

















030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD





TS



T5013 (13)

















Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

EXPENSES QUALIFYING FOR AN INVESTMENT TAX CREDIT (ITC)

This amount represents the renounced Canadian exploration expenses that qualify for an Investment Tax Credit in 2016.

This amount should be reported on a Form T1229 – Statement of Resource Expenses and Depletion Allowance and a T2038 – Investment Tax Credit (Individuals) for calculating the investment tax credit available in 2016 to reduce your federal tax payable for the year, for a previous year, or future year.

Step 1: Start by reporting the amount from Box 194 on the T5013 slip to Area I and IV of your T1229.

Step 2: Report the provincial flow-through share tax credit available in the year to Area IV of your T1229.

Step 3: Calculate the eligible expenditure qualifying for an investment tax credit in Area IV of your T1229 and enter the amount on line 6717 on page 4 of your T2038.

Note: Previous year’s claims for federal ITCs and/or current year provincial tax credits reduce the amount of CCEE pools.


CONTINUED NEXT PAGE

Protected B when completedPart A – Calculating the current year refundable ITC

16712ITC for total qualified expenditures for SR&ED, exclude amounts from lines 6715 and 6725 × 0.15 =

2671580% of total contributions made to agricultural organizations for SR&ED . . . . . . . . . . . . . . . × 0.15 =

6725 3ITC allocated from a partnership for SR&ED (see boxes 186, 187 and 189 of your T5013 slips) . . . . . . . . . . . . . . . . . . . . . . . . •

46714ITC for total investments in qualified property and qualified resource property eligible for the transitional relief rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . × 0.10 =

ATotal current-year refundable credits (add amounts 1 to 4)Enter amount A in column 2 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Part B – Calculating the current year non-refundable ITCMineral exploration tax credit (METC)

B*6717

Total of your flow-through mining expenditures (also referred to as renounced Canadian exploration expenses) from box 128 of your T101 slip or box 194 of your T5013 slip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . × 0.15 =* This amount must be reduced by any allowable provincial tax credits. This credit will reduce your Canadian exploration expense pool in the year following the year in which you claim the credit.

Apprenticeship job creation tax credit (AJCTC)If your apprentice works for you and also works for a related employer as defined under subsection 251(2) of the Act, all related employers have to agree in writing that you are the only employer who will be claiming the apprenticeship job creation tax credit for this tax year for each apprentice whose contract number, social insurance number (SIN), or name appears below.For each apprentice in their first 24 months of the apprenticeship, enter the apprenticeship contract number registered with Canada, or a province or territory of Canada, under an apprenticeship program designed to certify or license individuals in the trade. If there is no contract number, enter the SIN or the name of the eligible apprentice. Then, enter the name of the eligible trade and the eligible salary and wages** payable in the year in respect of employment after May 1, 2006. The credit is 10% of the total of the amounts in Table 1, column 3. Attach a note if more space is required.

Table 1 – Calculation of total Apprenticeship job creation tax credit1

Contract number (SIN or name of apprentice)

2Name of eligible trade

3Eligible salary andwages** payable in

the year, or $20,000,whichever is less

123

Total apprenticeship job creation tax credit (Total of amounts in column 3) 6718 × 0.10 C=** Net of any government or non-government assistance received or to be received in respect of

eligible salary and wages.

Investment tax credit for child care spacesEligible child care spaces expenditure include the cost of depreciable property, and the amount of specified child care start-upexpenditures acquired or incurred solely for the purpose of the creation of the new child care spaces at a licensed child care facility.

1Total amount of current year expenditures . . . . . . . . . . . . . . . . . . . .

Total number of child care spaces × $40,000 = 2

Investment tax credit for child care spacesD6719Enter the lesser of amounts 1 and 2 . . . . . . . . . . . . . . . . . . × 0.25 = +

ETotal current-year non-refundable tax credits (add amounts B, C, and D) Enter amount E in column 3 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Page 4 of 6

11


EXPENSES QUALIFYING FOR AN ITC (CON’T FROM PG. 10)

T2038 - page 4

Step 4: Calculate the total current year non-refundable credit on Section B on page 4 of your T2038 by multiplying line 6717 by 15% and enter the amount in column 3 on page 6 of your T2038.

SEE PREVIOUS PAGE

Protected B when completedPart E – Calculating a carryback and refund of ITCITC available for carryback

Complete this section to determine the balance of credit available for carryback to previous tax years.1Total current-year credit available (column 5 minus column 1 in Part F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2Minus the current year credit applicable*The maximum amounts you could have claimed in column 6, plus column 7, minus column 1 in Part F (if negative enter "0") . . . –

KTotal credit available for carryback (amount 1 minus amount 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =* To arrive at the amount for carryback, you first have to apply your credit to the fullest extent in the current year, whether you claimed all of it or not.

Before determining the amount available to carry back, you first have to reduce your federal tax for the current year by the maximum amounts you could have claimed in columns 6 and 7 in Part F of this form, whether you claimed the maximum or not.

Calculating a carryback and refund of ITCComplete this section to request a carryback of the ITC you earned in the current tax year. The carryback provisions allow you to apply a current-year credit against the total of your federal tax for any of the three previous tax years. The credit you apply to a previous year cannot be more than the total of your federal tax for that year.You have to deduct any amount of the refundable ITC designated as a carryback when you calculate your ITC refund and the balance to carry forward to tax years that follow.To request a carryback, complete this section, and attach this form to your current-year income tax and benefit return.

NoteWe do not refund an amount you designate as a carryback in the current year. Do not enter the amount on your income tax and benefit return.

Amount K to carryback for one or more of the following:6720Third previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •

6721Second previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + •

6722First previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + •

LTotal credit designated for carryback (Add lines 6720, 6721, and 6722. Cannot be more than amount K.)Enter the total of amounts L and N in column 8 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Signature6724

Date: Year, Month, Day (yyyymmdd)

ITC available for refundComplete this section to determine the balance of credit available for refund.

3Total current-year refundable credit available (column 2 minus column 4 in Part F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4Current year credit claim (column 6, plus column 7, minus column 1 in Part F) . . . . . . . . . . . . .5Plus amount L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .+6Subtotal (add amounts 4 and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .=7Minus amount from column 3 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–

8Total (amount 6 minus amount 7, if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .= –MTotal credit available for refund (amount 3 minus amount 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Calculating an ITC refundComplete this section to calculate a refund of ITC that you earned in the current year. You must deduct any amounts you claim asa refund when you calculate the balance to carry forward to tax years that follow.

9Amount you designate as a refund of ITC (cannot be more than amount M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Multiply by the refundable rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ×

NRefund of ITC (multiply amount 9 by amount 10)Enter the total of amounts L and N in column 8 in Part F (cannot be more than amount K) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =Enter amount N on line 454 of your income tax and benefit return (T1 for Individuals) or on line 88 of a T3RET, T3 Trust Income Tax and Information Return.

Part F – Carryforward chart1

Balance of creditscarried forwardfrom previous

years

2Current-year

refundable credit(amount A in

Part A)

3Current-year

non-refundablecredit (amount E

in Part B)

4Adjustments**

5Total creditavailable

(column 1 pluscolumn 2 plus

column 3 minuscolumn 4)

6Current-yearcredit claim

(amount H inPart D)

7Current-year

credit claim (AMT)(amount J in

Part D)

8Credit claim –

other(amounts L

plus Nin Part E)

9Balance carried

forward (column 5minus columns 6,

7, and 8)

** For a graduated rate estate, enter the amount of ITC allocated to beneficiaries from box 40 of your T3 slip.

Personal information is collected under the Income Tax Act to administer tax, benefits, and related programs. It may also be used for any purpose related to the administration or enforcement of the Act such as audit, compliance and the payment of debts owed to the Crown. It may be shared or verified with other federal, provincial/territorial government institutions to the extent authorized by law. Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals have the right to access their personal information and request correction if there are errors or omissions. Refer to Info Source at cra.gc.ca/gncy/tp/nfsrc/nfsrc-eng.html, Personal Information Bank CRA PPU 005.

Page 6 of 6

0.40

12



T2038 - page 6

Step 5: Report any carry forward balance of federal investment tax credits from the prior year, if any (refer to last years T2038) on column 1, page 6 of your T2038.

Step 6: Calculate column 5 by adding column 1, 2 and 3 and subtracting column 4.

Step 7: Report the amount totalled in column 5, page 6 of your T2038 onto Section C, page 5 of your T2038.


CONTINUED NEXT PAGE

CONTINUED NEXT PAGE

Protected B when completedPart C – RecaptureRecapture – ITC on SR&ED expenditures

16726Amount of expenditure on which ITC is recaptured at 15%. Do not enter more than the amount of the original expenditure . . . . . . . . . . . . . . . . . . . . . × 0.15 =

26713Amount of expenditure on which ITC is recaptured at 20%. Do not enter more than the amount of the original expenditure . . . . . . . . . . . . . . . . . . . . . × 0.20 =

3Total recapture of investment tax credit on SR&ED expenditures (add amounts 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Recapture – ITC for child care spacesIf, at any time within 60 months of the day that you create a new child care space, that space is no longer available, or if theproperty acquired for a child care space is leased for any purpose or converted to another use, we will recover the ITC for thatspace or property.

4If only child care spaces are disposed of, enter the amount originally claimed for those child care spaces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .If property other than child care spaces is disposed of, the amount will be the lesser of:

5The amount originally claimed for ITC for the property disposed of . . . . . . . . . . . . . . . . . . . . . .

625% of the proceeds of disposition of the eligible property (or 25% of fair market value if disposed of to a non-arm's length party) . . . . . . . . . . . . . . . . . . .

7Enter the lesser of amounts 5 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . +

6730Total recapture of investment tax credit for child care spaces (add amounts 4 and 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . =

8Total recaptured credits (add amount 3 and line 6730)Add amount 8 to the amount on line 406 of Schedule 1 of your income tax and benefit return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

Part DCalculating an allowable claim

FEnter the total credit available from column 5 in Part F of this form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1Federal tax (amount from line 406 of Schedule 1 of your income tax and benefit return) . . . . .

2Minus the federal political contribution tax credit(amount from line 410 of Schedule 1 of your income tax and benefit return) . . . . . . . . . . . . . . .–

3Subtotal (amount 1 minus amount 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .=

4Minus the labour-sponsored funds tax credit(amount from line 414 of Schedule 1 of your income tax and benefit return) . . . . . . . . . . . . . . .–

GSubtotal (amount 3 minus amount 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .=

HEnter your claim on this line You can claim an ITC amount up to, but not more than, amounts F or G, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If you do not have to complete Form T691, Alternative Minimum Tax (see your guide for information), or if the amount you calculate on line 95 of Form T691 is "0", enter amount H on line 412 of Schedule 1 of your income tax and benefit return (T1 for Individuals),or on line 37 of Schedule 11, Federal Income Tax (T3 for Trusts). If Alternative Minimum Tax (AMT) does not apply, enter amount H in column 6 in Part F of this form. Otherwise, complete the following section to determine your ITC claim and enter "0" in column 6 in Part F of this form.

Calculating an allowable claim if alternative minimum tax (AMT) appliesIf you complete Form T691, Alternative Minimum Tax, and calculated an amount greater than "0" on line 95,you must complete this section.

5Enter amount G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6Plus the federal foreign tax credit(amount from line 405 of Schedule 1 of your income tax and benefit return) . . . . . . . . . . . . . . .+

7Subtotal (add amounts 5 and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .=

8Minus the minimum amount from line 58 of Form T691 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–

ISubtotal (amount 7 minus amount 8, if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . .=

JEnter your claim on this line You can claim an ITC amount up to, but not more than, amounts F or I, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter amount J on line 412 of Schedule 1 of your income tax and benefit return, or on line 37 of T3 Schedule 11. Also enter amount J in column 7 in Part F of this form.

Page 5 of 6

13


T2038 - page 5

Step 8: Calculate Section D by subtracting any Federal political contribution tax credits and labour-sponsored funds tax credits from Federal tax.

Step 9: Report the lesser of Section C or Section D on column 6, page 6 of your T2038 (see example T2038 on previous page). The total amount in Section E should be reported on line 412 of Schedule 1 – Federal tax of your T1 General. If you are subject to alternative minimum tax, enter zero in column 6 and proceed to “Calculating an allowable claim if alternative minimum tax (AMT applies)”.


SEE PREVIOUS PAGE

SEE PREVIOUS PAGE


Step 2 – Federal tax on taxable income

37Enter your taxable income from line 260 of your return.

Complete the appropriate column depending on the amount on line 37.

Line 37 is$45,282 or less

Enter the amount from line 37.

–Line 38 minus line 39 (cannot be negative) =

×Multiply line 40by line 41. =

+

Add lines 42 and 43. =

Line 37 is more than $45,282 but

not more than $90,563

–=×=+

=


not more than $140,388

–=×=+

=


not more than$200,000

–=×=+

=

Line 37 is more than $200,000

–=×=+

=

383940414243

44

Step 3 – Net federal tax45Enter the amount from line 44.

424 •46Federal tax on split income (from line 5 of Form T1206) +404 47Add lines 45 and 46. =

350 48Enter your total federal non-refundable tax creditsfrom line 36 on the previous page.

425 •49Federal dividend tax credit +427 •50Minimum tax carryover (attach Form T691) +

51Add lines 48, 49, and 50. = –

429 52Basic federal tax Line 47 minus line 51 (if negative, enter "0") =

405 53Federal foreign tax credit (attach Form T2209) –

406 54Federal tax Line 52 minus line 53 (if negative, enter "0") =

409 55Total federal political contributions(attach receipts)

410 •56Federal political contribution tax credit (use the federal worksheet) (maximum $650)

412 •57Investment tax credit (attach Form T2038(IND)) +

411Net cost of shares of a federally registered fund 419 •58Allowable credit +

Labour-sponsored funds tax credit (see lines 413, 414, 411 and 419 in the guide)

413Net cost of shares of a provinciallyregistered fund 414 •59Allowable credit +

416 60Add lines 56 to 59. = –

417 61Line 54 minus line 60 (if negative, enter "0")If you have an amount on line 46 above, see Form T1206. =

415 •62Working income tax benefit advance payments received(box 10 of the RC210 slip) +

418 63Special taxes (see line 418 in the guide) +

420 64Net federal taxAdd lines 61, 62, and 63. Enter this amount on line 420 of your return. =


0.00

15%

0.00

45,282.00

20.5%

6,792.00

90,563.00

26%

16,075.00

140,388.00

29%

29,029.00

200,000.00

33%

46,317.00

14





CONTINUED NEXT PAGE

Protected B when completed 4Refund or balance owing420Net federal tax: enter the amount from line 64 of Schedule 1 (attach Schedule 1, even if the result is "0")

421CPP contributions payable on self-employment and other earnings(attach Schedule 8 or Form RC381, whichever applies) +

430Employment insurance premiums payable on self-employment and other eligible earnings (attach Schedule 13) +422Social benefits repayment (amount from line 235) +428Provincial or territorial tax (attach Form 428, even if the result is "0") +435 This is your total payable.Add lines 420, 421, 430, 422, and 428. = •

437Total income tax deducted •440Refundable Quebec abatement + •448CPP overpayment (enter your excess contributions) + •450Employment insurance overpayment (enter your excess contributions) + •452Refundable medical expense supplement (use the federal worksheet) + •453Working income tax benefit (WITB) (attach Schedule 6) + •454Refund of investment tax credit (attach Form T2038(IND)) + •456Part XII.2 trust tax credit (box 38 of all T3 slips) + •457Employee and partner GST/HST rebate (attach Form GST370) + •

458Children's fitness tax credit Eligible fees × 15% = 459 + •476Tax paid by instalments + •479Provincial or territorial credits (attach Form 479 if it applies) + •482 These are your total credits.Add lines 437 to 479. = –

This is your refund or balance owing.Line 435 minus line 482 =If the result is negative, you have a refund. If the result is positive, you have a balance owing.

Enter the amount below on whichever line applies.

Generally, we do not charge or refund a difference of $2 or less.

484Refund • 485Balance owing •

For more information on how to make your payment, see line 485 in the guide or go to www.cra.gc.ca/payments. Your payment is due no later than April 30, 2016.

Direct deposit – Enrol or update (see line 484 in the guide)

You do not have to complete this area every year. Do not complete it this year if your direct deposit information has not changed.

To enrol for direct deposit, to update your banking information, or to request that all of your CRA payments you may be receivingor owed be deposited into the same account as your T1 refund, complete lines 460, 461, and 462 below.

By providing my banking information I authorize the Receiver General to deposit in the bank account number shown below anyamounts payable to me by the CRA, until otherwise notified by me. I understand that this authorization will replace all of my previous direct deposit authorizations.

460Branch number(5 digits)

461Institution number(3 digits)

462Account number(maximum 12 digits)

I certify that the information given on this return and in any documents attached is correct and complete and fully discloses all my income.Sign here

It is a serious offence to make a false return.Telephone Date

490 If a fee was charged for preparing this return,complete the following:

Name of preparer:Telephone:

489EFILE number (if applicable):

Personal information is collected under the Income Tax Act to administer tax, benefits, and related programs. It may also be used for any purpose related to the administration or enforcement of the Act such as audit, compliance and the payment of debts owed to the Crown. It may be shared or verified with other federal, provincial/territorial government institutions to the extent authorized by law. Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals have the right to access their personal information and request correction if there are errors or omissions. Refer to Info Source www.cra.gc.ca/gncy/tp/nfsrc/nfsrc-eng.html, personal information bank CRA PPU 005.

Do not use this area 487 488 • 486 •

5000-R

15


Step 10: Calculate column 9 by subtracting column 6, 7, 8 from column 5 found on page 6 of your T2038. The amount will be carried forward to your 2016 tax return.

Step 11: Report line 55 of Schedule 1, page 2 on line 420, page 4 of your 2012 T1 General.

T1 General - page 4


NOTE:

Any unused balance at the end of the year can be carried back 3 years or carried forward indefinitely until the full balance is written off.

SEE PREVIOUS PAGE


Claim for Tax Shelter Loss or Deduction Year

• Fill in this form if you are an investor claiming a loss or deduction, a donation or political contribution deduction, or a tax credit for an interest in a tax shelter. We may verify and adjust your claim.

• If you receive a T5003 slip (tax shelter), and a T5013 slip (partnership) or an official donation or political contribution slip for the same tax shelter, do not claim amounts more than once.Under the Income Tax Act, we can apply a penalty of 50% of the understated tax if you make a false claim knowingly or in circumstances amounting to gross negligence.

• Attach a completed copy of this form to your income tax and benefit return together with documents (a copy of your T5003 slip and the tax shelter's statement of earnings, or a copy of your T5013 slip) to support the amount you are claiming as a loss or deduction, a donation or political contribution deduction, or a tax credit.

• You have to identify a tax shelter interest you bought after August 31,1989, with a tax shelter identification number. You have to provide this number on your claim for any investment in the tax shelter you bought after that date.

• For more more information on how to complete this form, call us at 1-800-959-5525.

Investor's name

Investor's address

Investor's identification number

Tax shelter identification number* Tax shelter's namePurchase date

Year MonthLoss or deduction claimed Line from T1

return**

1 T S

2 T S

3 T S

4 T S

5 T S

6 T S

7 T S

8 T S

9 T S

Total amount claimed 6765

NoteUse another form if you need more room to list your tax shelter losses or deductions. Enter the "Total amount claimed" on the last form only. That amount is the total of all losses or deductions you are claiming

for the year.

* Income Tax Act paragraph 237.1(5)(c) –

"The identification number issued for this tax shelter shall be included in any income tax return filed by the investor. Issuance of the identification number is for administrative purposes only and does not in

any way confirm the entitlement of an investor to claim any tax benefits associated with the tax shelter."

** Fill in the last column above to indicate the line where you are making your claim on an individual income tax and benefit return.

• If your claim is for a Gift, use line 349, and if your claim is for a Political contribution (monetary contribution), use line 409.

• If you are a limited partner of a partnership that invested in a tax shelter, make your claim on line 122, Net partnership income: limited or non-activepartners only.

• Otherwise, make your claim on the line that corresponds with the type of loss or deduction you are claiming. For example: line

126, Rental income;135, Business income;

141, Farming income;143, Fishing income;

217, Business investment loss;221, Carrying charges and interest expenses;

224, Exploration and development expenses;232, Other deductions

Privacy Act, personal information bank number CRA PPU 035

(Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca/formulaires ou en composant le 1-800-959-7775.)

T5004 E (15) Continued on back

16



A Claim for Tax Shelter Loss or Deduction (T5004) must be completed in order to claim deductions related to your Maple Leaf Limited Partnership.

The information on this form will be taken from the T5013 and from Schedule 4 of your T1 General.

Step 1: Take the tax shelter identification number, which is a six-digit number with a TS prefix located at the top right side of your T5013 and enter it into column 1, line 1 of your T5004.

Step 2: Enter the tax shelter name, i.e. whichever specific Maple Leaf Limited Partnership(s) you have invested in (e.g. Maple Leaf Short Duration 2016-II Flow-Through Limited Partnership) into column 2.

Step 3: Enter the purchase date is the date of purchase of your Maple Leaf Limited Partnership(s) into column 3.

Step 4: Enter the amount found in box 35 “Business income loss” of your T5013 into column 4 “Loss or deduction claimed” of your T5004.

Step 5: In column 5, enter the line number that this amount is reported on in your T1 Tax return (generally this is found on either Exploration and Development Expenses (line 224) or Net Partnership Income (line 122) of your T1 Tax Return).

TAX SHELTER LOSS OR DEDUCTIONS

005

005

030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD


Box – Case














Code




Amount – Montant

TS



T5013 (13)

















030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD





TS



T5013 (13)

















Code

Code

104 CAN

CAN

CAN

128

151

CAN190

CAN191

CAN194

T5004 - page 1

Note: If you own more than one limited partnership or tax-shelter investment, these amounts must be added on individual lines on your T5004 and total in box 6765.


17


PROVINCIAL TAX CREDITS

NEED A PROVINCIAL TAX CREDIT FORM?

To download the form applicable

to your province go to the Canada

Revenue Agency (CRA) website

www.cra-arc.gc.ca or visit the Tax

Reporting page of our website

www.MapleLeafFunds.ca/shortduration

Residents of British Columbia, Saskatchewan, Manitoba and Ontario can claim additional tax credits on flow-through investments when calculating their provincial taxes. These credits are in addition to the existing deduction of eligible exploration expenditures from the federal portion of an investor’s taxes.

The effect of these incentives varies depending on which province the investor resides and the work is performed during the 2016 tax reporting year. For example, if an Alberta-based company incurs costs in Ontario, the Ontario resident may claim the credits, not the Alberta resident, even though the company does not reside in Ontario.

005

005

030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD


Box – Case














Code




Amount – Montant

TS



T5013 (13)

















030 040006

020010001

004003002

AAAA MM JJ

YYYY MM DD





TS



T5013 (13)

















Code

Code

104 CAN

CAN116

CAN128

CAN151

CAN190

CAN191

CAN194

MB199BC197

SK198 ON200

BOX 197 BRITISH COLUMBIA RESIDENTS

Step I: Insert the amount in Box 141 into line 1 in Part 1 of Form T1231 British Columbia Mining Flow-Through Share Tax Credit.

Step II: Calculate the tax credit on line 3 but multiplying line 1 by 20%, and then continue to fill in Parts 2 and 3.

Step III: Insert the amount on line 9 of Form T1231 onto line 70 of Form BC428 British Columbia Tax.

BOX 198 SASKATCHEWAN RESIDENTS

Step I: Report this amount on line 74 of Form SK428 – Saskatchewan Income Tax and Credits.

Step II: Carry the amount from line 74 of Form SK428 to page 4 of your T1 Tax Return.

BOX 200 ONTARIO RESIDENTS

Step I: Report this amount on line 1 of Form T1221 Ontario Focused Flow-Through Share Resource Expenses for 2012 and Subsequent Years.

Step II: Report the amount on line 4 of Form T1221 on line 6266 Form ON479 Ontario Credits.

BOX 199 MANITOBA RESIDENTS

Step I: Report this amount on line 2 in Part 1 of Form T1241 Manitoba Mineral Exploration Tax Credit.

Step II: Calculate the tax credit on line 4 but multiplying line 1 by 30%, and then continue to fill in Part 2.

Step III: Insert the amount on line 8 of Form T1241 onto line 64 of Form MB428 Manitoba Tax.


18



OTHER CONSIDERATIONS

1 The CEE or CDE election While an investor is allowed to deduct the full renounced CEE or CDE, it is not required. As part of a tax planning strategy an investor may find it advantageous to carry forward some or all of an available CCEE or CCDE deduction and use this amount in subsequent years.

2 Cumulative Net Investment Losses (CNIL) Utilization of tax deductions through flow-through shares may have an effect on an investor’s calculations of CNIL.

3 Capital Gains Exemptions Renounced expenditures deducted by the investor may affect the ability of the taxpayer to claim the $750,000 capital gains exemption in respect of sales of qualified small business shares and certain farm or fishing assets, as the calculation of a taxpayer’s CNIL requires an inclusion of 50 per cent of the deductions taken by the taxpayer in respect of flow-through share renouncement’s.

This guide has been designed to offer you assistance when claiming your 2016 tax deduction from your Maple Leaf investment. There are a number of additional considerations that may be applicable to your situation. Here are a few examples:

4 Alternative Minimum Tax Alternative minimum tax may apply in a given taxation year, depending on the amount of renounced expenditures deducted by the investor.

5 Issue Costs Investors may deduct issue costs associated with a flow-through limited partnership over a number of years subsequent to the dissolution of the partnership. These costs can be deducted on line 232 - “Other deductions”, on page 3 of your T1 General. Quebec residents only, should report the costs on line 250 - “Other deductions”, on page 2 of the Quebec Income Tax Return. To view Issue Cost Deductions applicable to your investment please refer to the Schedule of Issue Cost Deductions found on the Tax Reporting Information page of our website, www.MapleLeafFunds.ca/ShortDuration.

NOTE:

This is not a detailed listing of

every possible tax consideration

and is designed to be a general

guide only. Each individual’s tax

and investment planning situation

is unique and professional advice

should always be received from a

qualified tax and/or investment

specialist.

19


FREQUENTLY ASKED QUESTIONS

WHAT ARE FLOW-THROUGH SHARES?Flow-through shares are like any other common share issued by a company, except they also provide tax benefits to the purchaser. A flow- through share is available to mining, petroleum and certain types of renewable energy companies to facilitate financing their exploration and project development activities. In return for receiving these funds, the resource company has the obligation to “flow-through” to the purchaser of the flow-through shares the tax deductions it receives upon spending the funds on qualifying exploration and development activities. Except for these initial tax benefits, flow-through shares are indistinguishable from all other common shares of company.

WHAT IS A FLOW-THROUGH LIMITED PARTNERSHIP?A flow-through limited partnership enables investors to own an equity interest in a portfolio of flow-through shares of Canadian resource companies rather than of just one company.

Canadian resource companies receive special tax deductions for certain exploration and development expenses that flow through the limited partnership to investors, who receive up to a 100% tax deduction for the amount invested. Typically, after a period of 18-24 months, assets of the limited partnership roll over on a tax-deferred basis in exchange for redeemable units or shares of a resource-based mutual fund of equal value.

ARE THE TAX BENEFITS LEGITIMATE?Yes! The tax benefits associated with flow-through shares are well-accepted in Canada and have been in place through legislation for over 25 years. The other consideration with Maple Leaf Limited Partnership(s) is that the funds invested stay in Canada to be used to create genuine and valuable economic activity and growth within Canada’s mining and energy sector. Further, the tax deductions are only available to those people who pay Canadian taxes. The Partnership and General Partner have received a tax opinion from Borden Ladner Gervais LLP on the structure (please refer to the prospectus of the offering to which you are considering an investment in for the full text on this opinion).

WHEN WILL MY T5013 TAX SLIP BE MAILED OUT?In January and February of each year, Maple Leaf gathers from the resource companies in which it invests the tax information from their exploration and development activities. Once received, Maple Leaf compiles the tax information required to prepare per unit tax factors and posts these tax factors to CDS Clearing and Depository Services Inc. The information is then collected from CDS by the back offices in order to prepare individual investor T5013 tax slips (or RL-15 provincial tax slips for Quebec residents). The regulatory deadline for T5013 tax slips to be mailed out is on or before March 31st of each tax reporting year.

WHAT IS MY ADJUSTED COST BASE (ACB)?The adjusted cost base or “ACB” of a share is generally what you paid for it. However, as an offset to you realizing the significant tax deductions from investing in flow-through shares, you are deemed to have an ACB of nil, due to the receipt of the tax deductions equal to approximately 100% of the amount you invest. A nil adjusted cost base means that when you calculate your capital gains on the disposition of your mutual fund shares, you treat your adjusted cost base as zero. To calculate your adjusted cost base, please contact your investment advisor.

WHAT ARE CAPITAL GAINS AND HOW DO THEY APPLY TO MY FLOW-THROUGH INVESTMENT?Capital gains occur when the original portfolio of flow-through shares purchased by the Partnership is sold. Typically, when a portfolio manager sells flow-through shares they do so with a view to reduce risk and or for reinvesting the cash into higher quality and lower risk investments. The capital gains are allocated to the limited partners on a proportionate basis. Based on the expected roll-over date of the Partnership and amount of capital gains incurred, Maple Leaf Flow-Through will consider a cash distribution to unit holders at the beginning of each year that material capital gains occur. This cash distribution is typically equal to 50% of estimated taxable gains, less any tax deductions provided to investors (at a rate of 45%) as reported on T5013 tax slips.

ARE THERE ANY TAX DEDUCTIONS TO BE CLAIMED AFTER THE LIMITED PARTNERSHIP IS WOUND UP?Initial offering expenses (“Issue Costs”), i.e. printing, agents’ fees, legal, audit, travelling, distribution, courier, marketing and sales expenses and other regulatory and filing expenses are deductible 20% per year over a five-year period (pro-rated for partial years) beginning at the time such expenses are incurred, regardless of the fact that the Limited Partnership’s life is less than five years. Investors can expect to receive a T5013 for each year the Limited Partnership is active, including the tax year that it is wound up (the “Rollover”). For the remaining years following the Rollover (if any, up to 5 years) investors can refer to a ‘Schedule of Issue Cost Deductions for Future Years’ that will be posted on the Tax Reporting Information page of our website, www.MapleLeafFunds.ca/ShortDuration. This schedule will be posted on or before March 31st of the year following a Rollover.

2 0



CORPORATE OFFICEMaple Leaf Funds PO Box 10357, 609 Granville Street, Suite 808 Vancouver, BC V7Y 1G5

Tel 604.684.5742 Fax 604.684.5748 Email [email protected]

TRANSFER AGENTComputershare Canada 510 Burrard Street, 2nd Floor Vancouver, BC V6C 3B9

Tel 604.699.4880 Fax 604.681.3067 www.computershare.com

LEGAL COUNSELBorden Ladner Gervais, LLP PO Box 48600, 200 Burrard Street, Suite 1200 Vancouver, BC V7X 1T2

Tel 604.687.5744 Fax 604.687.1415 www.blgcanada.com

AUDITORSKPMG 777 Dunsmuir Street, Suite 700 Vancouver, BC V7Y 2P3

Tel 604.691.3000 Fax 604.691.3031 www.kpmg.com

CONTACT US

PORTFOLIO MANAGEMENT OFFICET.I.P. Wealth Manager Inc. PO Box 23, 120 Adelaide Street West, Suite 2400 Toronto, ON M5H 1T1

Tel 416.304.6820 Fax 416.628.3769 Email [email protected]

This guide and other relevant information can be found on the Tax Reporting Information page of our Maple Leaf Short Duration Flow-Through website:

www.MapleLeafFunds.ca/shortduration

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